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The European Commission (EC) Wednesday adopted a package of measures to ensure an early autumn launch of the European Fund for Strategic Investments (EFSI), the core of the investment plan for Europe, or the so-called Juncker plan.
The final building blocks are in place to kick-start investment in the real economy, the EC announced.
"A package of measures agreed today will ensure that the EFSI is up and running by early autumn 2015, keeping the ambitious timetable set by President Jean-Claude Juncker to implement the investment plan for Europe," the EC said.
Noting that the investment level was 15 percent under the pre-crisis era in 2007, Juncker said: "We need the plan right now because it is important to say that consolidating public finances is needed. But apart from that policy, we need structural funds to ensure that medium-term development of the European economy can rise."
As one of the final steps, EC President Jean-Claude Juncker, EC Vice President Jyrki Katainen and Werner Hoyer, president of European Investment Bank (EIB) signed the EFSI agreement setting out the working methods between the two institutions.
"We are having a paradigm change in the use of the EU budget because the EU shifts resources from grants to guarantees, from subsidies to loans and this is a great step," Hoyer told the press conference after the formal signing of the agreement.
The EC also published a paper on the role of national promotional banks (NPBs) in supporting the investment plan for Europe.
The communication provided clarity and practical guidance on how to set up a new NPB and how NPBs from different member states can join forces and work with the European Investment Bank (EIB) to set up investment platforms.
"The European Investment Bank is working closely with NPBs, and we hope many more will be inspired to step up their efforts," said Katainen, Vice President of the EC responsible for jobs, growth, investment and competitiveness.
The guidance will help companies across Europe gain access to financing through EFSI, the cornerstone of the 315 billion euro (343 billion U.S. dollars) investment plan, the EC said.
In order to put Europe on the path of economic recovery, the Juncker-led commission set out an approach based on structural reforms, fiscal responsibility and investment.
EFSI, the financial basis of the plan, is intended to stimulate participation by private investors. By taking on part of the risk through a first-loss liability, it is expected to achieve an overall multiplier effect of 1:15 in real investment.
On July 16, Britain announced that it would contribute 6 billion pounds (9.3 billion U.S. dollars) to projects benefiting from EFSI finance. Enditem
